Good Monk: The Tasteless Supplement Revolution on Shark Tank India

A husband-wife team introduced their innovative supplement brand, Good Monk, in a recent episode of Shark Tank India. Their selling point was the product’s ability to mix effortlessly into meals without changing the flavour. To demonstrate this feature, they challenged the sharks to conduct a blind taste test, which resulted in no one accurately identifying the dish that included their supplement, much to the founders’ delight.

The founders of Good Monk, Amarpreet and Sahiba, sought Rs 1 crore in exchange for 1.67% equity in their business. Designed to be incorporated into everyday meals, their product piqued the interest of the sharks, as they aimed to cater to all demographics, including children and seniors. This positioning made it an easy solution for fulfilling daily nutritional requirements.

Despite this, Shark Azhar Iqubal expressed concerns regarding the product’s effectiveness. While the founders assured that the supplement was free of side effects, Iqubal questioned whether it truly differed from conventional supplements that people have relied on for years.

In contrast, Vineeta Singh, CEO of SUGAR Cosmetics, recognised the opportunity. As a mother, she understood the common challenge of encouraging children to consume nutritious food, commenting that it is a very real issue faced by families everywhere.

The founders shared that they had secured over Rs 12 crore in funding; however, they were also spending Rs 45 lakh a month. A surprising revelation was that 85% of their expenses were directed towards marketing efforts, leading to a staggering loss of Rs 11 crore. While they had aspirations to transition from online sales to brick-and-mortar stores, the sharks were not persuaded by this plan.

Vineeta Singh highlighted the flaws in their expenditure strategy and suggested reducing marketing costs while bringing a celebrity mother onboard as their brand ambassador.

She then made a conditional proposal: Rs 50 lakh for 1.25% equity along with Rs 50 lakh in debt at 1% interest for three years, contingent upon the founders minimizing marketing to 20% of sales, decreasing fixed costs, and achieving an EBITDA margin of -5% to -10% within three months.

The other sharks stepped back from participating in the deal. Aman Gupta, addressing various business challenges, humorously stated that he did not want to be the monk who would sell his Ferrari to invest in their enterprise.

After some negotiation, the founders put forth a counter-offer, yet Vineeta remained resolute. Ultimately, they agreed to her terms, successfully closing the deal.